These complex arrangements involve companies transferring money between subsidiaries registered in Ireland and European Union countries such as the Netherlands.

Multinational companies have taken a big bite out of the Double Irish Dutch sandwich in the past, with one major technology firm alone reportedly using the loophole to avoid $3.4 billion in tax since 2007.

But while the Irish government is closing tax loopholes, Joe Hockey has re-opened significant ones in Australia.

Joe Hockey has also made Australia a laggard on implementing the Common Reporting Standard for financial account information by pushing the start date out to 2018.

While other nations are now forging ahead to tighten their tax systems, Australia is retreating from making companies pay their fair share.

Mr Hockey needs to stop catering for the big end of town, and start serving up something that will help struggling families.

We’ll know that the Abbott Government is serious about fair taxation of multinationals when it announces measures that add to revenue, rather than forcing Australians to stomach cuts to pensions, family payments and universities.